Tenjin: Mobile Gaming Benchmark 2026... "AppLovin strengthened its lead on iOS in Q2, increasing from 39% to 44% of ad revenue share." Here are the rev-share stats from Q1 to Q2: $U - Unity: - iOS: 13% → 14% - Android: 12% → 12% $APP - AppLovin: - iOS: 39% → 44% - Android: 19% → 23% Mintegral: - iOS: 21% → 16% - Android: 17% → 12% I'm not convinced this narrative that Unity is taking market-share from AppLovin is valid. More market-share = More data = better models. $APP $U

JUST IN: AppLovin $APP e-commerce clients rise 5.1% week over week to 13,105

RT @rfvivas: They call Dovas Zakas, "The Crazy Lithuanian" at @HelloFresh. At work he is a Swiss Army knife. He can do media buying, grap…

JUST IN: Citi reiterates "Buy" on AppLovin $APP with a $600 price target as e-commerce adoption accelerates

Big thanks to @theallinpod for having Adam at the All-In Summit. If you couldn’t make it, this is a great opportunity to hear directly from our CEO about AppLovin, our business, and where we’re headed.

$APP 📈

$APP AppLovin's Axon Pixel adoption is entering an inflection phase. • Jun 28: 10,225 store installs • Aug 09: 10,908 store installs (+683 stores over 6 weeks) • Sep 06: 12,020 store installs (+1,112 stores over just 4 weeks) Keep in mind this is only 1 month of data. But its showing clear signs of growth.

Citi maintains their $APP price target... PT: $600 → +83% upside Rating: Buy Commentary: "Based on peers' revenue growth rate, EBITDA margins, and equity values, AppLovin should be worth $550 per share..." (Source: Jason Bazinet, Citi) $APP

Show me a vp+ / c level exec at a $100B+ company that is responding to tweets and jumping in to support $APP

$APP If you ask me, the market is sleeping on this disconnect: • Forward P/E: 14x • Adjusted EBITDA Margins: 84% • Real-World Performance: Delivering 100%+ incremental ROAS for 9-figure enterprises We’re looking at a hyper-lean cash engine that is providing serious returns for businesses.

ServiceNow generates 2.2X more revenue than AppLovin. $NOW: $4.58B FCF $APP: $4.50B FCF Yet, they produce virtually the same free cash flow. $NOW $APP

I consider AppLovin $APP have already succeeded in eCommerce. It's already a significant portion of overall gross spend in U.S. It's just can be materially better. In the end of 2024, eCommerce was already responsible for around 15%~20% of gross spend on the platform in the U.S. assuming take rates were similar between the U.S. and international markets. This numbers was disclose in 2025 Q1, when Applovin said its eCommerce vertical had surpassed $1B ARR in gross spend by the end of 2024, versus around $10B in gaming. This was before they had opened the platform to international markets. At the time, the U.S. represented only around half of revenue. With the growth in 2025 and 2026, AppLovin's U.S. gross spend portion should be materially larger today. What's even more insane is that the 15~20% figure was achieve with 600 customer. And even today they still only have around 10,000 pixels providing them data. Given that limited data footprint, what they've already achieved is unbelievable. From the overall platform perspective, I think AppLovin should already be consider as succeeding in eCommerce. The problem is simply that eCommerce is such a massive vertical that even a very large achievement still looks small relative to the total opportunity. - I also suspect AppLovin's eCommerce business is already profitable, given Adam's view that an ads platform doesn't make sense if the platform itself can't make money. I'm less certain about this part. But the overall achievement is already extremely impressive. And the fact that there is still so much room for improvement is actually a very good thing. Now even big companies like @Wayfair are using the platform. - AppLovin's eCommerce revenue should be materially lower than its share of gross spend because AppLovin records revenue on a net basis. If they record any net revenue, given the insane small fixed cost, they should already be profitable in eCommerce even when they should still be in investing stage.

The analogy gets better... it took medallion 3 years to successfully expand from FICC markets to equities. Required a completely different data set and tick-by-tick data. They lost money the first couple of years, but eventually became their largest market. Feels similar. $APP

The $APP Thesis in One Post: 1. Fundamentals • Revenue: $1.924B (+53% YoY) | Management guided 20%–30%+ baseline CAGR • Adj. EBITDA Margin: 84% ($1.614B) • Free Cash Flow: $863.3M • Diluted EPS: $3.76 (+57% YoY) 2. Valuation • Forward P/E: ~14x • P/S (NTM): 15x 3. The Core Business / MOAT • MAX (The Supply Moat & Fee Arbitrage): AppLovin owns MAX, the core mediation layer controlling mobile app ad supply. When external DSPs (like Meta or Google) bid on inventory, they are charged standard platform mediation fees (5%–15%) and bid blindly with delayed feedback loops. Because AppLovin owns the pipe, they don’t charge themselves fees. This zero-friction advantage lowers Axon’s net clearing cost threshold, allowing them to submit the highest net-clearing bid and win high-value impressions while capturing sub-100ms real-time auction telemetry. • AXON (The Compounding AI Demand Engine): Running directly on top of MAX’s live telemetry, Axon 2.0 evaluates 2.5M+ requests/sec across a single unified auction layer. Instead of selling brand awareness, it operates on a pure pay-for-performance/ROAS model. High-frequency deep learning predicts conversion value with unmatched precision creating a closed data flywheel where every impression won improves future model accuracy. • AppLovin Ads (The Open Self-Serve Inflection): AppLovin has generated billions in run-rate revenue while operating as a restricted, managed-only platform for a small pool of accounts. With AppLovin Ads now open globally via self-serve and direct Shopify integrations, millions of DTC merchants, web apps, and autonomous AI media buyers can deploy spend programmatically on demand with zero onboarding friction. Fundamentals ✅ Valuation ✅ Core Business ✅ Im long $APP

h/t Fred Liu when he said that $App is the RenTec of ads i.e., you're never going to find out what's in the model – you either trust the team and the outputs, or you don't But for some reason everyone on this app just says the same nonsense in 1 million different ways. We do not need another quarterly breakdown from a fintwit influencer who just found out what AppLovin/Axon is

Finally Amit does a bit of coverage $APP

11,280 stores now have $APP AXON pixel installed. a MASSIVE 3.4% in a single week (fastest growth since tracking started) the pixel is what lets a merchant actually run ads on AXON and feed purchase data back into the system. So installs means a bigger pool of merchants who are able to spend & better data quality. thiss improves targeting and adds more advertisers more pixels doesn’t mean a store is spending yet. as some just test it, so this confirms adoption is accelerating, but it hasn’t shown up as revenue (yet) 🐂

I am a Machado fan after this one #UFC

We love to see @xc_giovanni_ge , the mind behind Axon 2.0. More Gio, more $APP

Pat Dorsey just added to his $APP position: • Total Shares: 439,000 • Market Value: ~$226M • Increase: +36% Dorsey built his entire investment career identifying wide economic moats and durable compounders. AppLovin fit’s this glove.